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CEO Binance Spoke about the Fight Against DragonEx Hackers

As already known, on March 24, 2019, hackers successfully attacked DragonEx, a “safe and stable” cryptocurrency exchange. Of course, the amount of damage is unreported, but we would like to tell about another issue.

Stolen funds scattered across different wallets and exchanges. As reported by Changpeng Zhao, part of the stolen money had entered Binance. What had happened to those funds?

Our system is able to identify most external exchange addresses. Not perfect, but will improve over time.

I choose not to show all other exchange names as we don't like to comment too much about our peers directly. We do have information sharing with most of them.

As you can see, CZ demonstrated the result of the work of the internal risk management system from Binance, which determined the scheme of distribution and laundering of cryptocurrency which had been stolen from DragonEx. This information is not complete, but it becomes apparent from it that the Singapore exchange was impoverished by more than $1 million.

According to Changpeng Zhao, all the funds that are identified as stolen will automatically be frozen in the vaults of the exchange. He believes that hackers know how the exchange is working on the safety of funds, and therefore a relatively small amount of crypto had been transferred to it.